I own both.
White Water is more accessible to new players. It's easy and has great flow and is easier to reach the wizard mode.
The Shadow has a tougher learning curve, and is more brutal. Still possible to beat the game, but a lot harder to do than on Wh2o. It has different ways to reach a high score, and the scoring is very balanced.
Initially, I thought Wh2o was better because it's easier. But Shadow is absolutely the better game in my opinion. I'd sell Wh20 because it can get monotonous. I still like it, but Shadow remains the more exhilarating game of the two.